Leave your money in super

If you’re under age pension age and don’t need your super just yet, it may pay to leave your money in your super account.

This is because Centrelink doesn’t count your super under its means test if you’re under age pension age, allowing you to implement certain strategies that may maximise your income. Since these strategies can be complex and depend on your personal circumstances, it’s best to get financial advice. 

If you leave your money in super you can still make tax-free withdrawals once you’re age 60 any time you like. However, unlike an account-based pension, your investment earnings within your super account will be taxed at 15%.